Demand for deposits soar as cashless payments become more popular A consumer is making a payment via QR Code. Statistics of the State Bank of Vietnam showed that there were more than 104 million valid individual payment accounts at banks as of the end of March, with a total outstanding sum of more than 741.3 trillion VND (31.9 billion USD), representing a rise of 11.2 percent against the end of 2020. Individual checkable deposits rose by three times during the past five years with a considerable increase since 2020. Specifically, individual checkable deposits rose by 55 percent against the end of March 2020. In comparison, individual deposits, including both demand and time deposits, increased by more than 5.5 percent from the end of March 2020 to the end of February 2021. The central bank said that the increase in demand deposits at banks was attributed to the results of the financial banking system's digital transformation process together with the development of e-banking, digital banking services, e-wallets as well as the promotion of a comprehensive digital finance ecosystem to create favourable conditions for citizens in conducting cashless payment. The COVID-19 pandemic also pushed up demand for cashless payment and significantly contributed… Read full this story
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